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In today’s age, the space sector plays a vital role in multiple facets of the global economy. Ranging from Earth observation, navigation, data analytics to defence use, the array of applications of space science is vast and the various economic as well as social impacts on humankind are well acknowledged.
The Indian space sector has a long and illustrious heritage and its space agency, the Indian Space Research Organisation (ISRO), is one of the most successful space agencies globally. Its credentials include multiple successful space missions and development of indigenous technologies in a cost-effective manner. Although ISRO has led the space sector with remarkable achievements, there is huge potential for developing the space industry in India, free from the control of the government. The participation of the private industry in the space sector will bring multiple benefits for India – development of a self-sufficient industry contributing significantly to the national income and foreign exchange reserves, technological development of smaller component suppliers and possible vertical integration, better financial provisions through a regulated and well-facilitated business environment, development of an ecosystem of many more new small manufacturers and expansion of existing ones, culminating in a greater share for India in the global space economy.
The outlook towards the participation of private industries and start-ups in India’s space sector is currently favourable.
The space bill is also expected to encourage private industry participation. This timely paper captures the trends in the space sector and discusses the opportunities that lie ahead. It also analyses the various challenges that will arise during the privatisation process and critical aspects like intellectual property rights (IPR), transfer of technology (ToT), financing, insurance, liability clauses and the legal framework, which need serious consideration both by the government and private industries.
India needs the private industry to grow and contribute significantly both in terms of technological development and GDP and thus become a true partner to the government on India’s journey towards emerging as the leader in the global space sector.
« India needs the private industry to grow and contribute significantly both in terms of technological development and GDP and thus become a true partner to the government on India’s journey towards emerging as the leader in the global space sector. »